Does Crowdfunding Success Hinge on Launch Timing?

Using a novel and rich dataset of crowdfunding projects from Kickstarter, the world's largest crowdfunding platform, I show that entrepreneurs who launch campaigns on days when many other entrepreneurs launch campaigns are less likely to reach their campaign funding goals and be funded. The results, which are robust to a comprehensive set of controls, are also consistent for nearly all individual categories. Further, I show that three main factors are responsible for this relationship: 1) capital supply, 2) capital allocation, and 3) investor limited attention. My findings have important implications for the design of crowdfunding platforms